PolyMet Mining Corp. (TSX:POM,NYSE MKT:PLM) has successfully completed its $60.5 million offering of rights to acquire common shares of PolyMet which expired at 5:00 PM EST on July 3, 2013. 3,194 subscriptions were received, for a total of $95.485 million for 144.674 million common shares of PolyMet.
As quoted in the press release:
The Company received 3,194 subscriptions for a total of $95.485 million for 144.674 million common shares of PolyMet. Basic Subscriptions have been allotted in full and Additional Subscriptions have been allotted on a pro rata basis. Because the Rights Offering was oversubscribed, Glencore AG (“Glencore”, an indirect wholly-owned subsidiary of Glencore Xstrata plc) did not purchase any common shares under its standby commitment. Glencore acquired 34.7% of the shares issued in the Basic and Additional subscriptions.
PolyMet Mining President and CEO Jon Cherry said:
This is a tremendous outcome for PolyMet, demonstrating the depth of support from Glencore and other shareholders as we complete the environmental review and permitting process and prepare for project construction. ,